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Pet Valu Holdings Ltd. Announces Closing of C$576 Million Secondary Bought Deal Offering
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About this update from Pet Valu Holdings Ltd.
[{"type":"text","content":"Pet Valu Holdings Ltd. Announces Closing of C$576 Million Secondary Bought Deal Offering\n\n\n\n /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./\n \n\n MARKHAM, Ontario, June 09, 2025 (GLOBE NEWSWIRE) -- Pet Valu Holdings Ltd. (“Pet Valu” or the “Company”) (TSX: PET), the leading Canadian specialty retailer of pet food and pet-related supplies, announced today that the previously announced secondary bought deal offering (the “Offering”) of 19,969,450 common shares of the Company (the “Common Shares”) by PV Holdings S.à r.l., Roark Capital Partners II AIV AG, L.P., RCPS Equity Cayman LP and Roark Capital Partners Parallel II AIV AG, L.P. (collectively, the “Selling Shareholders”) at a price of C$28.85 per Common Share, for total gross proceeds to the Selling Shareholders of approximately C$576 million, has closed.\n \n\n All net proceeds have been paid directly to the Selling Shareholders. The Company did not receive any proceeds from the Offering.\n \n\n The Offering was led by RBC Capital Markets and CIBC Capital Markets, who acted as joint bookrunners.\n \n\n The Common Shares were offered and sold by way of a prospectus supplement dated June 5, 2025 to the Company’s short form base shelf prospectus dated August 15, 2024 filed in each of the provinces and territories of Canada, a copy of which is available under the Company’s profile on SEDAR+ at www.sedarplus.ca.\n \n\n As a result of the Offering, the Selling Shareholders have no remaining equity interest in the Company. Consequently, the investor rights agreement (the \"Investor Rights Agreement\") between the Company and the Selling Shareholders, which provided the Selling Shareholders with certain contractual rights related to, among other things, the nomination of directors of the Company, has terminated in accordance with its terms.\n \n\n Clayton Harmon, Patrick Hillegass and Kevin Hofmann were nominees of the Selling Shareholders on the board of directors of the Company pursuant to the Investor Rights Agreement. In connection with the termination of the Investor Rights Agreement, Clayton Harmon has resigned as a director, effective June 9, 2025, and Patrick Hillegass and Kevin Hofmann will continue as directors of the Company pending identi...